thinkbroadband

£21m from European Investment Bank to help Hyperoptic reach 0.5 million homes
Wednesday 20 July 2016 10:09:19 by
Andrew Ferguson

Hyperoptic has secured an eight year loan from the European Investment Bank (EIB) to the tune of £21m which should help the Gigabit broadband provider add another 300,000 premises to its FTTP footprint in the next three years.

Hyperoptic is the largest Gigabit broadband provider in the UK, and second only to Openreach for FTTB/FTTP and if the expansion plans by Hyperoptic go ahead sooner rather than later might even surpass Openreach to be the largest FTTP provider at any speed. If this happens then it is testimony to the efficiencies Hyperoptic has brought to the party as the total investment with the new loan is £75m.

"Hyperoptic is excited by the European Investment Bank’s investment, which will further fuel our roll out and addressable market expansion. The confidence of both EIB and Soros Fund Management LLC supports the importance of FTTP in providing a boost to the UK’s digital infrastructure and economy."

Dana Tobak, CEO of Hyperoptic

Hyperoptic targets apartment blocks and operates in 13 UK cities with previously announced plans to increase this to 20 cities and as broadband becomes increasingly important to consumers any new apartment block that does not come with pre-installed decent broadband is going to find attracting new tenants harder.

Comments

Posted by
gsmlnx 5 months ago
Wonder what happens in 2 and a bit years time, when the UK is no longer part of the EU?
Will Hyperoptic find that the eight year loan can no longer be that long and they must refinance? Cannot imagine that the other 27 EU countries want to continue loaning money to a country outside of the EU.

Posted by
alanplusnet 5 months ago
The EIB does lend money outside the EU - including India and Turkey, so it MAY not be problematic

Posted by
LeJimster 5 months ago
It's not EU funding. It's a loan that just happens to be from the EIB. I like what Hyperoptic is doing, but it's a shame they have to get loans from the likes of Soros.

It's disappointing to see BT slide back on FTTP once again and a shame the likes of Hyperoptic are only able to provide Fibre in city centres.

Posted by
gsmlnx 5 months ago
I never said "EU Funding", I said clearly a LOAN but it is from a bank owned by all 28 EU Full member countries whose primary aim is to aid development in the EU. And being a bank it can recall loans earlier if certain criteria are not meet.
I know that the current EIB status is that the UK is a full member and that it is business as normal but they do say that that could change when the UK leaves. But they don't know how yet. Goto their website and read that press releases.

Posted by
DrMikeHuntHurtz 5 months ago
Government shouldn't be spending money on this any ways, it should be a purely private sector matter.

Posted by
brusuth 5 months ago
The EiB sole goal is not EU only.. it involves Itself with partners of the EU which whatever happens the UK will still be.